Has re-aging occurred when a collection agency updates credit reports. Probably not. Collection agencies can update the date of last activity, date reported, and open date but the date the account must be removed from credit reports should not change.
While getting out of debt sounds great, consumers using debt settlement companies often fail to realize the dangers. You may be able to reduce your debt but the negative impact on your credit scores may not be worth it.
When you’re struggling with debt, you may want to zone out…Don’t do it! Unpaid debt just doesn’t disappear. Not dealing with debt can turn into a charge-off and collection account which can be a double whammy on your credit reports.
The dreaded move-out date arrives and the one thing on your mind is the security deposit. What happens when you don’t get the security deposit back plus the landlord sends a balance to a collection agency that reports it on your credit files.
Overwhelming debt is stressful but should you file bankruptcy or enroll in a debt management plan. Both options can provide relief but have a different impacts on your credit scores.
If your insurance company pays a medical collection debt that’s on your credit reports, you can have the medical collection accounts removed from your credit reports under the National Consumer Assistance Plan (NCAP) initiative.